Nigeria businessman plans to build new refinery, petrochemical plants

Nigerian businessman Aliko Dangote, labeled by Forbes as Africa's richest man, announced plans to build a refinery as well as petrochemical and fertilizer plants worth some $9 billion, promising to cut Nigeria's dependency on imported fuel. The plans were announced by Dangote Industries.

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LAGOS (AFP) -- Nigerian businessman Aliko Dangote, labeled
by Forbes as Africa's richest man, announced plans Wednesday to
build a refinery as well as petrochemical and fertilizer plants
worth some $9 billion, promising to reduce Nigeria's dependency
on imported fuel.

The plans were announced by Dangote Industries.

According to a statement, the firm signed a loan deal with a
consortium of local and international banks for $3.3 billion to
construct the biggest petroleum oil refinery and petrochemical/fertilizer plants in
Nigeria.

"The plants, which will cost a total of $9 billion, will
generate up to 9,500 direct and 25,000 indirect jobs, in
addition to reducing current volumes of refined fuel imports by
around 50 percent" and effectively ending the importation of
fertilizer, the statement said.

Construction of the plants in the
country's southwest is expected to be complete in three to four
years, a spokesman said.

The deal could eventually prove pivotal for Nigeria,
Africa's most populous nation and largest oil producer, and
other countries on the continent may also benefit.

The Dangote refinery is expected to reach a
capacity of 400,000 bpd of crude oil, the statement said.

Dangote Group includes a wide range of interests, from
cement to sugar and real estate.

Dow Jones Newswires

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